that fear has frozen hiring and spending. how do you beat that? >> i don't know that we have a science. in the great depression we never figured it out, not until world war ii came, and brought us out of it. >> it will have less shoulder to it. >> reporter: back in chicago, jeff landis sees no easily tailored solution to the crisis of confidence. >> you can't say, "oh, come on, spend the money, tomorrow's going to be better," because you really don't know if that's going to happen. >> reporter: the fed forecast, meanwhile, has not gotten any brighter. it now says it sees significant downside risks to the economy. scott. >> pelley: so, anthony, now the fed is going to try again to keep interest rates low. what's the effect likely to be? >> reporter: it's likely to push down interest rates a little bit, but remember, mortgage rates are at 60-year lows and the housing market isn't moving because people can't get loans. most economists think the effect of this is going to be pretty small. >> pelley: thanks anthony.